In this webinar you will learn:​*HOW YOUR AGE AFFECTS YOUR RETIREMENT ACCUMULATION.*HOW TO PUT TOGETHER A TAX-FREE RETIREMENT STRATEGY.*YOU’LL LEARN HOW ANNUITIES AND INDEXED UNIVERSAL POLICIES WORK TO PROVIDE INCOME POTENTIAL.*HOW TO RUN YOUR OWN IUL QUOTE AND APPLY WITHOUT AN AGENT.

​​Life insurance is easy to forget when you don’t need it. As you near retirement, it might be a good time to reevaluate your needs. Is your old policy – possibly purchased decades ago – still serving a purpose?

Life insurance is important as we start our adult lives – get married, buy homes, have children. That’s because we want to provide for our loved ones should a tragic accident or illness prohibit us from providing financial assistance.

But then life goes on. Our children grow up. We pay off our mortgages. We retire, and we’re living (hopefully) comfortable lives provided by our Social Security income and retirement savings. But we have these old life-insurance policies, and we’re still paying premiums for them. What should we do?

One option is to simply stop paying premiums and let the policy lapse. The money you paid in premiums could be used in a number of other ways that are more beneficial given your current life circumstances.

For example, you could use the proceeds to pay down any debt you have. You could use the money to add to your nest egg, investing it in a manner that will, hopefully, grow over time.Or you could invest it in long-term care insurance (or a dedicated “rainy day” fund to be used for long-term expenses, should you need them as you age).

​Of course, the policy may still benefit you. Just because you have no children living at home doesn’t mean you don’t need life insurance. Think of all the ways the people in your life could be affected by your death, and ask yourself how your life-insurance proceeds would help them.​If you can come up with enough ways, it might be worth keeping your policy in effect and reevaluating in another one to five years.

Life insurance helps you provide for loved ones after your death. But policies also may include a variety of options. Cash-value policies, for example, offer some interesting features.

Life insurance policies with cash value include a withdrawal feature along with a death benefit. Essentially, they accumulate funds that you can tap at certain times, either through withdrawals or loans.

You can even use the cash value to pay your policy premiums. Any money you withdraw simply reduces the amount of the benefit on your death.

The benefit of purchasing a cash-value life insurance policy is the peace of mind that comes from knowing you have an option if you need cash. The downside is that it typically costs more than traditional life insurance because your premium pays for both the death benefit and the cash value.

Whether or not a cash-value life insurance policy is right for you depends primarily on what you need from it. If you only require life insurance for your survivors, it may not be the answer for you.

On the other hand, if the unique features appeal to you, you may want to consider it. These features include the ability to borrow from it when necessary; plus, it offers a way to pay your premiums in retirement when cash on hand is scarcer.

You can also pass the cash value on to your survivors. And the cash value in the policy is somewhat tax-sheltered – the interest may not be taxable.

Cash-value policies are complicated, so before you buy one, be sure you understand what they can – and cannot – do. For example, cash-value life insurance policies should not be used as savings vehicles, because you’re taxed on the money you contribute (although, as noted, the interest is generally tax-free, as is the death benefit).

​A WFGInsuranceQuotes.com agent can explain the options and details to help you decide if this type of policy is right for you. Contact us today.

*Referring SafeMoney.com Advisor: Jennifer LangIf I could show you a way to stay in control of your money until you take your last breath, but instead of giving that money to the government, nursing home or hospital, you could keep that ​

money in the family for generations to come, at the very least wouldn’t you want to know how to do that?​Learn how to protect your money from unnecessary risks.